Accounting
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Help me choose between DBA, S Corp or LLC
I am trying to figure out what type of legal entity to go with. The nature of my business is going to be web development. I am going to create websites by contracts, do different development from time to time for different companies. I have also another team which is situated out of the country, s…
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Can anyone kindly shed some light on how to calculate PV of payments for a lease (under new guidance (ASC 842)), if the payment varies depending on usage?
Hi All, I am working on a paper regarding the new lease accounting standard and would appreciate any insights on how to do the calculations to record operating leases in the B/S. As an example, if a company leases copy machines and the lease agreement states a monthly amount for payments, but it al…
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Career planning. Need advice!
Hello all, I am currently a student finishing up a dual bachelor's and master's degree in accounting at a large and well regarded public university. Like most of the kids in my program, I decided to pursue big 4 audit following graduation. I accepted an offer in NYC (non financial services clien…
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Journaling
So I'm on an accounting course and I would be grateful if you could answer me this questions 1. Each entry in the journal can't have more that one operation or transaction. That is to say you can only make one entry per day with only one transaction. (This is what my teacher told me and I suspe…
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Applying Value to Discounted Items
My company offers various promotions to new members. Most of them are of the buy one, get one free nature. The items are substantially the same. In those cases, we divide the consideration by two to get the value of each item. However, we also offer the following two promotions: Buy one item thi…
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Franchise Fee on Balance Sheet
My client purchased an existing Franchise business (insurance) from another franchisee. The purchase cost was a lumpsum of $200,000. This included all FFE and the book of business (Goodwill). Also, the previous owner (the seller) paid for the franchise cost of $40,000 initially when he had started…
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Quickbooks Enterprise and deferred revenue. A bit confused and need help.
New CFO to a SaaS company and a bit confused about how to have my accountant process these transactions (we are currently using QuickBooks Enterprise). Would some kind soul who uses Quickbooks in a SaaS or other deferred revenue environment, list out the Quickbooks entries for deferred revenue …
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What features do you wish your accounting software had?
I'm looking for people to share their experiences with systems like Drake, ProSeries, Prosystem fx, Lacerte, etc. I have seen smaller threads for some products, but I'm looking at this from a product feature point of view like "if we could build our own system based on all the frustration and must…
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Capitalization of Training Video
Hi, My company recently hired a company to film a new hire training video. We incurred the film fees as well as travel, propping, warbrode, etc. The travel was incurred by our employees who participated as actors in the film. Can all of these expenses be capitalized? We are in the food and be…
2
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QuickBooks and Vacation Time Accrual (generating expense and liability)
Hi - we use Quickbooks Pro. I am new to the company and not familiar at the expert level with Quickbooks. Our company policy requires an accrual of earned personal time over the course of an employees time with the company, in accordance with ASC 710-10-25-1. We need to properly report respective e…
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Help with journal entries for Accounts Receivables
How would you preform the journal entries for a client that is disputing claiming a shortage, but are deducting that from their payment to us that is an accounts receivable. I am counter disputing as I have signed BOLs and proof, how do I write these entries, so that I can show the deduction, but a…
3
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In dire need of good consolidation software for small but relatively complex RE Invest Group
Hello all, I recently started at a small REIG (just under $2B AUM) that has over 50 income generating properties, operational companies, and stakes in startups/small businesses. Previously, I worked in Big 4. Many of the properties roll up into different funds, which are owned by co-investors…
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IT Capitalisation Query: Software capability
Hi, I'm hoping you can help me with how I should be treating a IT invoice with regards to capitalisation treatment. We utilise a software programme to manage various parts of our business (both from an operational and accounting perspective). In this instance we have been charged by the exter…
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Recording cancelled prepaid service contract for which we received full refund.
I'm the treasurer for a small non-profit. I'm sorry, but I just cannot figure out the adjusting journal entries for the following scenario. We do not use a payable account - our purchases are all paid in cash. Seven months ago we paid a group of invoices for services to be provided over 3 year…
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Accounting for Purchase and Subsequent Rent-Back of Depreciable Assets
Hello, All! I am trying to determine the proper way to account for the following scenarios in a new business: Scenario 1: a) We purchase several thousand depreciable assets off of a customer and determine a total "credit" or "discount" amount equal to the book value of all of the assets being p…
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Common Stock Question
Hello, I was hoping to get some insight from the knowledgeable accountants ..I am new to common/preferred stock options...This is currently at our company and I am not sure how to record into financials.. Question: We are issuing common stock as below with vesting schedule started 01/01/2018…
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Gathering Vendors ACH info
Accounts Payable - The company I work for is trying to get all the vendors to accept ACH payments instead of checks. We do not have enough staff resources to call each vendor and request their bank info. Is there a company out there that can take this task on and serve a partner to gather this dat…
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Capitalisation of slow moving spares
Please what's the IFRS treatment for slow moving spares after some years eg 2years... Should it be capitalised?
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Preparing for CPA round up Post
Hello everyone I’m putting together a massive CPA round-up post. A question will be asked to you than you have to answer it as per your experience. Interested CPAs can join this thread. Thanks
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Where does bad debt expense show up on the Statement of changes in Net Assets - Non Profit accounting Fund accounting
We are recording an allowance for bad debt. We debit bad debt expense and credit a contra Revenue Account. I an finding that we are rolling the bad debt expense into Contribution Revenue on the Statement of changes in Net Assets. THis does't seem correct to me.
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how to avoid being Whipsawn on Quickbooks versions
Is there a way to enable older (2014 Quickbooks) to allow download of a bank register? I switched to online Simplestart. It now does not have a Purchase order feature (it has been conveniently removed by Quickbooks) A little history... I have been a Quickbooks user for 20 years. I have a v…
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Capitalize vs Expense: Portable bathrooms in lieu of Bathrooms under Construction
Can someone point me to the guidance for capitalized costs incurred in the demolition and reconstruction of Office Bathrooms with respect to renting portable toilets? The demolition and construction costs to tear down the old bathrooms and create new bathrooms is a given. What is less obvious is th…
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